Asset Efficiency Ratios Financial statements for Remington Inc. follow. Remington Inc. Consolidated Statements of Income (In thousands except per share amounts) 2019 2018 2017 Net sales $7,245,088 $6,944,296 $6,149,218 (5,286,253) (4,953,556) (4,355,675) $1,958,835 $1,990,740 $1,793,543 Cost of goods sold Gross margin General and administrative expenses Special and nonrecurring items (1,259,896) (1,202,042) (1,080,843) 2,617 Operating income $701,556 $788,698 $712,700 (63,685) (62,398) (63,927) 7,308 10,080 11,529 Interest expense Other income Gain on sale of investments Income before income taxes 9,117 $645,179 $745,497 $660,302 Provision for income taxes 254,000 290,000 257,000 Net income $391,179 $455,497 $403,302 Net income per share $1.08 $1.25 $1.11 Remington Inc. Consolidated Balance Sheets (In thousands) Dec. 31, 2019 Dec. 31, 2018 ASSETS $320,558 $41,235 Current assets: Cash and equivalents Accounts receivable Inventories 1,056,911 837,377 733,700 803,707 Other 109,456 101,811 $2,220,625 $1,784,130 Total current assets Property and equipment, net 1,666,588 1,813,948 Other assets 233,092 248,372 Total assets 4,120,305 $3,846,450 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $250,363 $309,092 Accrued expenses 347,892 274,220 Other current liabilities 15,700 Income taxes 93,489 137,466 Total current liabilities $707,444 $720,778 Long-term debt $650,000 $541,639 275,101 274,844 Deferred income taxes Other long-term liabilities 61,267 41,572 Total liabilities $1,693,812 $1,578,833 $189,727 $189,727 Stockholders' equity: Common and preferred stock Additional paid-in capital Retained earnings 128,906 127,776 2,397,112 2,136,794 $2,715,745 $2,454,297 (186,680) Less: Treasury stock, at cost (289,252) Total stockholders' equity $2,426,493 $2,267,617 Total liabilities and stockholders' equity $4,120,305 $3,846,450 Use the information provided above and below to respond to the following requirements. Use the information provided above and below to respond to the following requirements. Statement Item January 1, 2018 (in thousands) $752,945 Accounts receivable Inventories 698,604 Total assets 3,485,233 Required: 1. Compute the three asset efficiency ratios for 2018 and 2019. Round your answers to two decimal places. 2019 2018 Accounts receivable turnover ratio Inventory turnover ratio Asset turnover ratio 2. Indicate the length of Remington's operating cycle in days for the years ended December 31, 2019, and December 31, 2018. Round intermediate calculations and final answers to two decimal places. 2019 days 2018 days